-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WnHEB8S0tz9PMOLavJjSVyY02K8hgO+GOPAz8gFx+gM6/FBYhfZL0x2mfHP80VUK lTkwBxvQqhfw5mAE4c5wNQ== 0000950147-97-000019.txt : 19970120 0000950147-97-000019.hdr.sgml : 19970120 ACCESSION NUMBER: 0000950147-97-000019 CONFORMED SUBMISSION TYPE: 10QSB/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19970117 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: FBR CAPITAL CORP /NV/ CENTRAL INDEX KEY: 0000836937 STANDARD INDUSTRIAL CLASSIFICATION: PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS [2844] IRS NUMBER: 133465289 STATE OF INCORPORATION: NV FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10QSB/A SEC ACT: 1934 Act SEC FILE NUMBER: 033-58694 FILM NUMBER: 97507477 BUSINESS ADDRESS: STREET 1: 15 EXECUTIVE BLVD CITY: ORANGE STATE: CT ZIP: 06477 BUSINESS PHONE: 2037994609 MAIL ADDRESS: STREET 1: 15 EXECUTIVE BLVD CITY: ORANGE STATE: CT ZIP: 06477 FORMER COMPANY: FORMER CONFORMED NAME: BARRIE RICHARD FRAGRANCES INC DATE OF NAME CHANGE: 19920703 10QSB/A 1 QUARTERLY REPORT U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-QSB/A X Quarterly report pursuant to Section 13 or 15(d) of the Securities - ----- Exchange Act of 1934 For the quarterly period ended September 30, 1996 Transition report pursuant to Section 13 or 15(d) of the Securities - ----- Exchange Act of 1934 For the transition period from _______________ to _______________ Commission File number 1-10320 --------- FBR Capital Corporation ----------------------- (Exact Name of Small Business Issuer as Specified in its Charter) Nevada 13-3465289 ------ ---------- (State of Other Jurisdiction of (I.R.S. Employer Incorporation of Organization) Identification No.) 14988 North 78th Way, Suite 203, Scottsdale, Arizona 85260 ---------------------------------------------------------- (Address of Principal Executive Offices) (602)483-1466 ---------------------------------------------------------- (Issuer's Telephone Number Including Area Code - -------------------------------------------------------------------------------- (Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report This amendment is being filed to correct typographical errors in the Statements of Cash Flows for the three months ended September 30, 1996 and 1995 included in Part 1, Item 1. Page 1 of 7 Total Pages Exhibit Index - None PART 1. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS FBR CAPITAL CORPORATION (Formerly Richard Barrie Fragrances, Inc.) BALANCE SHEETS
September 30 June 30 ASSETS 1996 1996 ---- ---- (Unaudited) CURRENT ASSETS: Cash and cash equivalents $ 181,646 $ 61,871 Investment in U.S. Government Treasury Bills 399,559 - Investment in common stock of Parlux Fragrances, Inc. 1,757,500 3,746,250 Receivable from acquiror of discontinued operations - 750,000 Other current assets 13,969 6,991 ------------ ------------- TOTAL ASSETS $ 2,352,674 $ 4,565,112 ============ ============= LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) CURRENT LIABILITIES: Accounts payable $ 31,137 $ 121,789 Accrued expenses 90,770 180,417 Convertible notes payable 117,000 117,000 ------------ ------------- Total current liabilities 238,907 419,206 ------------ ------------- SERIES A REDEEMABLE PREFERRED STOCK: $.01 par value; 529 shares authorized; 517 shares issued and outstanding; at liquidation value of $5,600 per share 2,895,200 2,895,200 ------------ ------------- STOCKHOLDERS' EQUITY (DEFICIT): Preferred stock, $.01 par value; 10,000,000 shares authorized; no shares outstanding except 517 shares issued as Series A Redeemable Preferred Stock Common stock, $.005 par value; 16,777,667 shares authorized; 4,636,698 shares issued and outstanding 23,183 23,183 Additional paid-in capital 7,241,768 7,241,768 Accumulated deficit (6,057,634) (6,014,245) Unrealized loss on investment (1,988,750) - ------------ ------------- Total stockholders' equity (deficit) (781,433) 1,250,706 ------------ ------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 2,352,674 $ 4,565,112 ============ =============
The accompanying notes are an integral part of these balance sheets. -2- FBR CAPITAL CORPORATION (Formerly Richard Barrie Fragrances, Inc.) STATEMENTS OF OPERATIONS THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995 (Unaudited)
1996 1995 ---- ---- Operating expenses $ (43,248) $ - ------------ ------------- Loss from operations (43,248) - ------------ ------------- Other income (expense): Interest expense (4,424) - Interest income 4,283 - ------------ ------------- Other income (expense), net (141) - Income from discontinued operations - 43,154 ------------ ------------- Net income (loss) $ (43,389) $ 43,154 ============ ============= Earnings per common share and common share equivalents: Loss per share from continued operations $ (.01) $ - Income per share from discontinued operations - .01 ------------ ------------- Net earnings (loss) per share $ (.01) $ .01 ============ ============= Weighted average common share and common share equivalents outstanding 4,636,698 4,419,548 ============ =============
The accompanying notes are an integral part of these statements. -3- FBR CAPITAL CORPORATION (Formerly Richard Barrie Fragrances, Inc.) STATEMENTS OF CASH FLOWS THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995 (Unaudited)
1996 1995 ---- ---- CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (43,389) $ - ----------- ----------- Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation - 124,229 Discontinued operations - 43,154 (Increase) decrease in: Accounts receivable - (710,842) Inventories - 555,782 Other assets (6,978) (412,785) Increase (decrease) in: Accounts payable and accrued expenses (180,299) 413,083 ----------- ----------- Total adjustments (187,277) 12,621 ----------- ----------- Net cash used in continuing operations (230,666) (30,533) Net cash provided by discontinued operations - 43,154 ----------- ----------- Net cash provided by (used in) operating activities (230,666) 12,621 ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: Receipts of amount due from acquiror of discontinued operations 750,000 - Investment in U.S. Government Treasury Bills (399,559) - Purchase of property and equipment - (33,118) ----------- ------------ Net cash provided by (used in) investing activities 350,441 (33,118) ----------- ----------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 119,775 (20,497) CASH AND CASH EQUIVALENTS, beginning of period 61,871 339,715 ----------- ----------- CASH AND CASH EQUIVALENTS, end of period $ 181,646 $ 319,218 =========== ===========
The accompanying notes are an integral part of these statements. -4- FBR CAPITAL CORPORATION (Formerly Richard Barrie Fragrances, Inc.) NOTES TO FINANCIAL STATEMENTS THREE MONTHS ENDED SEPTEMBER 30, 1996 (Unaudited) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-QSB. Accordingly, they do not include all the information and footnotes required by Generally Accepted Accounting Principles ("GAAP") for complete financial statements. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary for a fair presentation of the results for the interim periods presented have been made. The results for the three month period ended September 30, 1996 may not be indicative of the results for the entire year. These financial statements should be read in conjunction with the Company's Annual Report on Form 10-KSB for the fiscal year ended June 30, 1996. Cash and Cash Equivalents and Investments The Company's policy is to invest cash in excess of operating requirements in income-producing investments. Temporary cash investments are all highly liquid investments with maturity of three months or less when purchased and are considered to be cash equivalents for cash flow purposes. Investments in the common stock of Parlux Fragrances, Inc., and U.S. Government Treasury Bills are accounted for in accordance with Statement of Financial Accounting Standards No. 115, "Accounting for Certain Investments in Debt and Equity Securities". Investment in common stock of Parlux Fragrances, Inc., is classified as "available for sale". Changes in the market value are reflected in the stockholders' equity section of the Company's balance sheet under the caption "Unrealized loss on investment". Earnings (Loss) Per Common Share Earnings (loss) per common share is computed by dividing net income (loss) by the weighted average number of common share and common share equivalents outstanding during the period. Primary and fully diluted earnings per share are considered to be the same in all periods. The impact of outstanding warrants and stock options were not included in the calculation of net loss per share in 1996 and net income per share in 1995, as their inclusion would have an anti-dilutive effect on those results. -5- FBR CAPITAL CORPORATION (Formerly Richard Barrie Fragrances, Inc.) NOTES TO FINANCIAL STATEMENTS THREE MONTHS ENDED SEPTEMBER 30, 1996 (Unaudited) Income Taxes The Company has a net operating loss carryforward of approximately $6,400,000 at September 30, 1996. Historically, no federal tax benefit has been recorded due to the uncertainty of the Company's ability to realize benefits by generating taxable income in the future. These carryforwards expire through fiscal year 2011. Due to a greater than 50% change in the ownership of the Company, as defined in the Internal Revenue Code, resulting from various equity offerings, certain restrictions exist as to the use of net operating loss carryforwards to offset future taxable income. Although the Company has significant net operating loss carryforwards available to offset future taxable income, due to the uncertainty as to the Company's future earnings, a full valuation allowance has been provided to offset all deferred tax assets. No income taxes have been provided for either of the interim periods based on the Company's ability to utilize its net operating loss to offset taxable income, if any, during the periods. -6- SIGNATURES In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized. FBR CAPITAL CORPORATION (Registrant) Dated: January 17, 1997 By: /s/ Charles D. Snead, Jr. ----------------------------- Charles D. Snead, Jr., President EX-27 2 FINANCIAL DATA SCHEDULE
5 1 U.S. DOLLARS 3-MOS JUN-30-1997 JUL-01-1996 SEP-30-1996 1 181,646 2,157,059 0 0 0 2,352,674 0 0 2,352,674 238,907 0 2,859,200 0 23,183 (804,617) 2,352,674 0 0 0 0 43,248 0 4,424 (43,389) 0 0 0 0 0 (43,389) (.01) (.01)
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